UBA, Zenith, FBNH Drive Banking Index Uptrend
Buying interest in some banking names drive momentum on the Nigerian Exchange midweek. UBA, Zenith and FBN Holdings were among commercial lenders that pushed the index higher.
Stockbrokers said in an interview with MarketForces Africa at the Broadstreet that the Nigerian Exchange is expected to keep uptrend due to earnings season which comes with various investors’ expectation.
The market faced sell pressures in the penultimate week to earnings season because investors were refocusing attentions on growth, value stocks that match their risk appetite.
According to stockbrokers, equities investors will continue to hunt for stocks that combined dividend payment and capital appreciation in the coming weeks as earnings reports begin to drop.
NGX records showed that sectoral performance was broadly positive, with three indices closing higher. The Banking index (+2.41%) led the gains, bolstered by strong buying interest in FBNH, ZENITHBANK, and UBA.
FBN Holdings gained 6.49% as investors take position amidst N350 capital raise plan by the board of directors. Zenith Bank surged by 4.66% after trading steady over weeks. UBA popped higher again,. Up by 5.19% after the group earnings release. #UBA, Zenith, FBNH Drive Banking Index Uptrend
